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infinity-compliance · 2 years

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How to update UAN and EPF KYC details Online

UAN stands for Universal Account Number is a 12-digit number given to each EPFO member. This number, which acts as a pivot, connects many Member Identification Numbers (Member Ids) assigned to a single member. Here are few important FAQs on UAN KYC, release by EPFO.1. What is KYC? Know Your Customer or KYC is a one-time process which helps in identity verification of subscribers by linking UAN with KYC details. The Employees / Employers need to provide KYC details viz., Aadhaar, PAN, Bank etc., for unique identification of the employees enabling seamless online services.2. How can I seed my KYC details with UAN? o Login to your EPF account at the unified member portal o Click on the “KYC” option in the “Manage” section o You can select the details (PAN, Bank Account, Aadhar etc) which you want to link with UAN o Fill in the requisite fields o Now click on the “Save” option o Your request will be displayed in “KYC Pending for Approval” o Once employer approves the details the message will be changed to “Digitally approved by the employer” o Once UIDAI confirms your details, “Verified by UIDAI” is displayed against your Aadhaar. 3. What to do if my employer is not approving KYC? In case your employer is not approving KYC details, you can directly approach administration or HR department with request. If it is taking more time you can escalate it to higher authority in the organization. If no one is responding to your request you can approach EPF Grievance via http://epfigms.gov.in. 4. How do I know that KYC updated by me is approved by the employer? The status will be shown against updated KYC document on the same page. The system will also trigger SMS on your register mobile number.5. How can I seed my Bank account details? o Login to your EPF account at the unified member portal o Enter your bank account number and IFSC code. o The details have to be approved by your employer. o Once approved the bank account gets seeded.6. What can I do if my UAN is not seeded with Aadhaar? Member can himself seed UAN with Aadhaar by visiting member portal. Thereafter the employer must approve the same to complete the linkage. Alternatively, member can ask his employer to link Aadhaar with UAN. The member can use “e-KYC Portal” under Online Service available on home page of EPFO website or e-KYC service under EPFO in UMANG APP to link his/her UAN with Aadhaar without employer’s intervention.7. Can I change my already seeded Bank account number? Yes. The bank account number can be updated any number of times by following the steps mentioned above. However, the bank account details cannot be changed during pendency of any claim with EPFO. 8. What precautions should I take while seeding Bank account number? You should seed active bank account to which you are either an individual or joint holder with your spouse. Also ensure that the bank account does not have a deposit cap greater than your withdrawal benefit. 9. I have changed my job. Should I activate my UAN again? UAN has to be activated only once. You do not have to re-activate it every time you switch jobs. 10. Do I have to pay any fee for UAN registration? No, UAN registration is free of cost and you do not have to pay any fee to activate it. Source link Read the full article

#EPFKYC #FAQsonUANKYC #KnowYourCustomer #KYCdetails #UniversalAccountNumber

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professionalutilities1 · 8 months

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what is the “factory registration process” in Andhra Pradesh?

As of my last knowledge update in January 2022, I don't have specific information on the current details of the factory registration process in Andhra Pradesh. However, I can provide you with a general understanding of what the factory registration process typically involves in many places, including India.

In most regions, including Andhra Pradesh, setting up a factory involves a series of steps and compliance with various regulatory requirements. These steps may include:

Preparation of Documents: Collect and prepare all necessary documents such as proof of identity, proof of address, land documents, etc.

Site Selection: Ensure that the chosen location for the factory complies with zoning regulations and environmental norms.

Legal Structure: Choose an appropriate legal structure for your factory, such as private limited company, public limited company, or partnership.

Name Approval: Get the proposed name for your factory approved by the concerned authorities.

Registration with ROC: Register your company with the Registrar of Companies (ROC).

Obtaining PAN and TAN: Obtain Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for your business.

Obtaining Environmental Clearance: Depending on the nature of the industry, obtain environmental clearances from the State Pollution Control Board.

Factory Plan Approval: Get the factory building plan approved by the local authorities.

Registration under Factories Act: Register the factory under the Factories Act with the Chief Inspector of Factories.

Labor Law Compliance: Ensure compliance with labor laws, including registration under the Employees' Provident Fund (EPF) and Employees' State Insurance (ESI).

Fire Safety Compliance: Comply with fire safety regulations and obtain necessary clearances.

It's important to note that the specific requirements and procedures may vary, and it's advisable to check with the local industry department or appropriate authorities in Andhra Pradesh for the most up-to-date and accurate information.

Please verify the latest information from official government sources or consult with a legal professional familiar with the industrial regulations in Andhra Pradesh.

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pfregistrationcompanyinkolkata · 2 years

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The eligibility for PF registration

PF registration is something that is very important for a company and its employees. A company needs to have a provident fund that can help the employees in the future. It is also called the EPF, employee provident fund.

The main aim was to create a healthy relationship between the employee and the employer relation, the relationship should be maintained. The employee is one of the most important parts of the company and they need to be protected and they have to be thought about.

The Definition

Employee Provident Fund is a specialized fund created to provide salaried people with some sort of retirement and other related benefits. If certain requirements are satisfied, all organizations are required to register with the aforementioned.

The term "employee" would cover any type of worker who receives a fixed percentage of salary under The Employees Provident Funds And Miscellaneous Provisions Act, 1952.

The employer must meet the standards outlined in the statute in order to be eligible to register under the EPF registration process. This act would be applicable to all establishments in India under section 2(3). In addition, the employer must meet the following criteria in order to register employee provident funds.

The eligibility

Every institution that is specified under schedule I of the Act has to be registered.

The number of employees has to have at least 20 laborers and employees

Institutions and establishments with less than 20 employees are also eligible to register voluntarily under this statute.

If the Central Government notifies any specific industry to comply with the provisions, this act will also apply to them.

To be eligible for Employee Provident Fund registration, a society must have 50 workers or employees and be registered and created under the Cooperative Society Act.

The benefits of Provident Fund Registration

Retirement savings

The people who have been loyal to the company, are served by the company after they retire.

A specific benefit of employee provident fund registration is that it offers a way to save for retirement. Retirement benefits may be used through this program after a set amount of time.

Single Account

After an employer completes the online PF registration process, the employee is given a number. The number won't change even if the employee changes jobs. This number would be functional across the whole country. Therefore, even if the employee moves to a different site to carry out the job, this number will not change.

Insurance Program Linked to Employee Deposits

All employees would receive benefits connected to insurance under this plan. This gets added to the account at a rate of 5%. Any members who must use this program must specifically sign up for it.

Risk

A sizeable percentage of risk is decreased thanks to the employee provident fund. The benefit would extend to both the workers and their dependents.

During emergencies and various types of situations, this fund would be utilized. The most important part of these funds is that they can be used for emergencies and can help the employees and employers

You can protect your company by registering yourself with the PF Registration Company in Kolkata. It should be done as soon as possible.

#PF Registration Company in Kolkata #Company Formation CA Firm in Kolkata

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efilingadda · 3 years

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Need of Tax Planning Consultants for Business Owners

When you own and operate an organization, you have to work hard. Running a business requires a high degree of patience and focus. To ensure that you are not attracted by taxes, you should hire a tax planning consultant. Then, it is easy for business owners to analyze certain failures or errors in the operational channels.

In India, tax planning is an important but often overlooked concept. This not only means using deductions but also planning finances and investments in such a way that the tax burden is not high in the first place. However, knowing what taxes to pay is not enough. For new taxpayers, filing tax returns can be a very complicated task. When submitting tax returns, people may feel that they need to seek expert help in order to save taxes properly. The government has also implemented new exemptions or changes to the tax law, making it more difficult for individual taxpayers to complete the tax filing process.

Hiring a business strategy consultant can help you bring a new perspective to help analyze different operating situations. When filing taxes for yourself or a small business, you are always under pressure. There are many rules to remember, deductions to be made, and countless forms to fill out. Therefore, it is best to hire experienced tax planning experts. So, here are some reasons that define the need of a tax planning consultant for your business.

Business owners save time

It is common for business owners to find multiple jobs. The extra income can help you increase your savings and simplify your budget. At the same time, it will also complicate your tax situation. If the calculation is not correct, you may end up paying more taxes than bargaining. Experienced tax planning experts will help you make the most of your tax return and find deductions you don't know that you are eligible for.

Complex tax credit system

Many business owners are eligible for some type of tax credit, no matter whether to pay for the child's education or pay for the tuition for continuing education. Accountants and tax planning experts understand which credits can be legally applied to each specific situation. By working with a tax planner, you will know that you have received the maximum amount of tax credits while meeting legal requirements to avoid audits.

Your financial situation is very good. However, this does mean that you must find a way to minimize your tax liability. Business owners who transition to higher tax rates will eventually have to pay more taxes. You must always seek the services over quality and not cheap price. For GST filing, you can do the GST registration online in Yamuna Nagar. Allowing your tax planning team to work with your accountant will help you develop strategies to save as much tax as possible.

Not afraid of audits

If you accidentally applied for excessive deductions or tax credits in the past, an audit may occur. Working with a dedicated tax planning team and your accountant will ensure that your finances and statements are as accurate as possible. Tax laws are confusing at best when you try to maximize your tax return while working full-time and adjusting to an active social life.

Remember

No matter how complicated your tax situation looks, our accountants understand the ins and outs of tax law. Our professionals in business strategy consulting services are highly skilled and collect the necessary data to ensure that any new business decision can bring the best results. Efiling Adda ensures that you do not end up paying more taxes. Hiring appropriate tax planners like the GST Refund Consultants in Yamuna Nagar can communicate most effectively in the form of reports and analysis can also allow you to achieve transparency in your organization's work.

#gst registration online #income tax return filing #Gst Refund Consultants #Udyam Registration #msme registration #ISO Certification #company registration #epf registration i #import export code #digital signatures class 3 #gst

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taxrobo-india · 3 years

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Section 206AB Special Provision For TDS For Non-Filers Of Income-Tax (IT) Return

Section is Applicable:

1. If person require to deduct tax under any of provision of Chapter XVIIB Tax Deduction at Sources.

2. Transaction is done with Specified person. (Specified person means a person who have not filed his return of Income of immediately two preceding previous years, for which due date U/s 139(1) has expired.

For Eg. If tax is required to deduct for July 2021, Previous year 2021-22, so for relevant immediately 2 preceding previous years for which ITR filing required to be checked are 2018-19 and 2019-20 (AY 2019-20 and 2020-21 respectively). As the time limit for Preceding Previous Year 2020-21 is not expired

3. Aggregate of tax deducted at source (TDS) and tax collected at source (TCS) in his case is rupees fifty thousand (50,000) or more in each of these two previous years.

Section is Not Applicable:

1. If Specified Person is Non-Resident who does not have a permanent establishment in India.

2. The section has overriding effect on all provisions of Chapter XVIIB of the Income tax Act, 1961

Except the Followings:

192

TDS on Salary

192A

TDS on Premature withdrawal from EPF

194B

TDS on Lottery

194BB

TDS on Horse Riding

194LBC

TDS on Income in respect of investment in securitization trust

194N

TDS on cash withdrawal in excess of Rs. 1 crore

Applicable Tax rate :

Tax shall be deducted at Highest of the Followings:

(i) at twice the rate specified in the relevant provision of the Act

(ii) at twice the rate or rates in force;

(iii) at the rate of five percent.

If Section 206AA Is applicable to the Specified person than tax shall be deducted at higher of

1. Tax rate as per this Section

2. Tax rate as per Section 206AA

New Section 206CCA

Section 206CCA “Special provision for TCS for non-filers of income-tax return”

Section is Applicable When

1. If person require to deduct tax under any of provision of Chapter XVII-BB Collection at source.

3. Aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years.

Note :- One can refer above table for better understanding of applicability.

Section is Not Applicable :

1. If Specified person is Non-Resident who does not have a permanent establishment in India.

Applicable Tax rate :

Tax shall be deducted at Higher of the Followings:

(i) at twice the rate specified in the relevant provision of the Act;

(ii) at the rate of five per cent.

If Section 206CC Is applicable to the Specified person, than tax shall be deducted at higher of

1. Tax rate as per this Section ;

2. Tax rate as per Section 206CC

#business #accounting #tds #entrepreneur #finance #founder

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kraftsburg · 6 years

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E Aadhar Card Status | Aadhaar Card Download

Here E Aadhaar Card Portal Provides information about Various Uidai Services like Aadhar application forms & Process, Aadhar Update Correction Status, Download Duplicate Adhar Card online. And other etc.

E Adhar card download on the Mobile app :

1. Visit eaadhaar.uidai.gov.in and Enter your Aadhar Number or enrollment id. 2. Phone Number get OTP & download aadhar card. 3. Enter Area code to open the E Adhar card. 4. Validate e Aadhar by adding certi􀄄cates.

Maadhar download on app

1. Just visit google play store download the app. Maadhaar app by uidai. 2. Internet connection is required validate the details 3. Set Aadhaar app Password 8 Didigts Only to open aadhaar card on mobile. 4. Enter You aadhar Number 12 Digits 5. Authorize with the registered Mobile number should on the same. 6. OTP will automatically be validated manually entering is not allowed. 7. Allow aadhar to access SMS & media 8. Aadhar app works only one device with registered mobile Features: 1. Share QR Code Like Paytm 08/12/2018 E Aadhar Card Status | Aadhaar Card Download | E Aadhaar Correction App - E Aadhar card status download http://www.eaadharcard.co.in

2. Generate OTP on app like google authenticator app without SMS. 3. Carry aadhar card like portable soft identity card 4. LOCK & Unclock Biometrics on a temporary basis. 5. Update Pro􀄄le on the Mobile app itself like epf app

Check New Aadhar card status & Update status

1. For checking New adhar card status Visit Uidai.gov.in look for aadhar Enrollment services. 2. Click on adhar card status and Enter Your enrollment if you forgot EID Then use your mobile number to get EID or Aadhar Number. 3. If you get directly aadhar number no need to check adhar card status directly for e aadhaar card download. 4. OIf you already EID then enter it on aadhar status portal know the status Like Rejected, Under review and successfully. 5. Aadhaar card rejected reasons available on the SSUp resident Portal.

Aadhar card Update status @ SSUP

1. If you updated aadhaar card at nearest aadhar center visit Then directly check aadhar status as New card With EID or aadhar number. 2. Or else Adhar update done by post then track it at the same page aadhar card status. 3. Only who are updated aadhar data online with UNique reference Number URN could track aadhar update status at SSUP Portal check more info at adhar update status Now Uidai also providing Adhar bank linking status at Uidai Portal itself. I just checked my aadhar number was linked with 5 Bank accounts. no time to close the bank accounts.

Adhar Update 3 ways to do it

1. Online Update at SSUP Portal https://ssup.uidai.gov.in/web/guest/ssup-home 2. By Post download aadhar correction form and send to aadhar update center address. 3. at Nearest aadhar center search it on uidai portal locate your adhar center

Get aadhar details Forgot aadhar & EID Number

1. visit https://resident.uidai.gov.in/􀄄nd-uid-eid link or go to uidai gov in the portal. 2. click on 􀄄nd UID/ EID Aka aadhar Number & enrollment Number. 3. Enter Name & Mobile Number along with any of the EID & aadhaar Number. 4. Name, father name, Pincode Mobile Number should be matched to get forgotten aadhar Number. 5. Full Name, Mobile Number & email Id Required to get Aadhar or EID.

Aadhaar card veri􀄄cation

You can verify email & Mobile in Phase 1. Now residents of India can verify aadhar Number like pan card veri􀄄cation. Due to Other private & public sector companies causing high load aadhar veri􀄄cation services like Jio, idea, LPG Banks Income tax

department etc. 1. Visit Uidai.gov.in>> Aadhaar serivces>> veifry aadhaar (https://resident.uidai.gov.in/aadhaarveri􀄄cation)

2. Enter Your Aadhaar Number to check it valid or invalid. E Aadhar Verify email or Mobile: Fort his you have to enter aadhar number along with the mobile number and email. If you don’t know mobile Number in aadhaar just look at how to update mobile number in aadhar.

Process and eligibility of obtaining adhar card:

Every citizen of India. can apply for aadhaar card including infants age may be above 3 years. all resident have to bring valid POI, & POA Proof address & Proof of Identity cards to Know about KYC. Photograph Address proof Fingerprint IRIS Mobile Number & email

These are most essential details and documents need at the time of applying for adhar card. 1. Voter id, 2. PAN 3. Passport 4. Bank statement 5. electricity bill (name should match with aadhaar Holder) 6. Attested gazetted letter(in case no id & address proofs there)

Apply for aadhar card / online application forms:

When you decide to apply for adhar card, then you want to search for the application process through the internet.The process also takes simple steps and methods that can use candidates feel hassle free while applying for aadhar card through online.

Simple Process to apply for E aadhar card: The process of applying for adhar card is easier for candidates when they utilize the Aadhaar card appointment. Candidates want to visit the website 􀄄rst Aadhaar Portal Uidiai.gov.in In that page, candidates want to click on apply for aadhaar card. The application form will be displayed and the candidates want to download it. After downloading the application form the candidates want to 􀄄ll the name, phone number, email id and many more essential details. Candidates are recommended to 􀄄ll the form carefully with valid and original details. Once you 􀄄ll the details you want to select the center of the enrollment and date and time of the appointment online. It is important for candidates to visit one of the adhar centers to register for Aadhaar Number. Aadhaar registration at Home Note: Only for senior citizens Age 80 Above.

How to check E aadhar enrollment status:

To check the aadhar enrollment status the candidates have opted to go the website and then use the enrolment number to see the aadhar number is allotted or not. The checking process of adhar card status is simple and can be done through online. Check the status of the aadhar number through SMS: Another important and simple way of checking the status of the aadhar number is done through SMS. Candidates can get e aadhar card number through SMS the candidates all have to do is to go the o􀄇cial website and then enter the date and time of the appointment and enrollment number. Apart from that, in the page candidates want to enter the registered mobile number that can help candidates will receive the message quickly. Getting adhar card download online: In Metro cities like Delhi, Mumbai, Kolkata Hyderabad you can book Aadhhar appointment online. but you have to go aadhaar enrollment centers for correction or New Aadhaar Registration. The candidates 􀄄rst want to go to the E aadhar card section of the website At the page, the candidates will be shown an Aadhar card download which can be 􀄄lled by using an enrollment number or aadhaar card number. If you have an enrollment number enter the number on that page. The applicants want to enter the accurate date and time as it appears on the slip of acknowledgment. Applicants need to enter the name and pin code of the area. Want to enter the mobile number registered with E aadhaar card. If the application has E aadhaar card number, just need to enter the number along with name, mobile number, and pin code. When the details are entered, the applicant can generate a one-time password or OPT that will help to download a recent and a color version of E-Aadhar letter that is also valid as the adhar card. Make E adhar card correction through online: When you like to update current address and need to correct name and other details, you need to apply for it through online. It is very easy and sends change requests through online. Many details the candidates can be modi􀄄ed with the help of the web portal like incorrect date of birth, gender, name, and many details. Visit the web portal Aadhaar correction. In that page now you want to click on send the one time password. Immediately you will receive an OTP on your mobile phone, After receiving the one-time password the applicant wants to enter the OTP number and then processed. Select the 􀄄eld of the like chance name or surname, Fill the correct details in those 􀄄elds, Upload any of the proof of the correction, At the end of the process, the applicant can get URN number. The applicant wants to keep this number safely because this number will be helping to track down the progress. More detailed instructions update Name, DOB, Address written on adhar update. Link aadhar card into gas connection through online: People those who like to undertake the linking process to the comfort of homes can link their aadhaar cards to LPG connection. The following guidelines can help to complete the linking process. Visit the speci􀄄c website and then enter the requisite information You want to choose the bene􀄄t type. If you are like to linking adhar card into gas connection, you want to choose LPG, Want to choose the name of the distribution from the list and then enter LPG consumer number on that page. Enter email address, aadhaar card number, and mobile number before submitting the form. Once the request has been registered and details in the form will be veri􀄄ed. After the completion of the veri􀄄cation process, you will receive con􀄄rmation. Check out Aadhar card linking. Lik Aadhaar to LPG @ Uidai.gov.in 1. BPCL (Bharat Gas) 2. HPCL (HP Gas) 3. IOCL (Indane Gas) But rasf.uidai.gov.in not opening. so follow it Below websites. we may already Know No LPG Subsidy without Aadhaar Number. for without subsidy no need aadhaar Number.

https://dcmstransparency.hpcl.co.in/myHPGas/HPGas/CheckAadharStatus.aspx INdane: https://indane.co.in/aadhaar-seeding.php Bharat: https://my.ebharatgas.com/bharatgas/JoinDBTLAadhaar.jsp Link adhar card with voter id: For linking aadhar card to voter id, you need to follow easy methods. It takes less time and can be useful in the future. On top of the voter ID card, locate card number that is a 10 character in length. Open the national voter’s service web portal. or http://electoralsearch.in/ On this page, the applicant wants to enter the voter id number, mobile number, and aadhar number. When the applicant entered all the required details want to click on the submit button. After a few seconds, you will receive con􀄄rming of the request for seeding aadhar card to voter id. Link bank account to E adhar card: Now, the government o􀄂ers a number of facilities of aadhar card holders. Most of the people are confused on how to link the aadhar card to the bank account. For those people, the following information will be helpful. The process takes just a couple of minutes to link adhar card to the bank account. Many bene􀄄ts people can get when they are linking adhar card to the bank account. The foremost bene􀄄t of linking a bank account to aadhaar card is that helps people to receive bene􀄄ts and subsidies amount under the government schemes into their bank accounts. Through the process of linking adhar card to the bank account, the government easily to identify route welfare payouts and genuine bene􀄄ciaries. aadhar card link with the bank of India online Here 3 ways to link aadhaar card to the bank account. The government already said all those bank accounts which not seeded aadhaar Number should be deactivated. so link aadhaar Number to all bank account you have. 1. Easiest way At Nearest Home Bank’s ATM. 2. By Submitting A form to Nearest or Home Branch. 3. Most popular and convenient way is Online or Netbanking Portal. 4. IVR call center calling. how to check if aadhar is linked to the bank account? Check your all bank accounts those connected to Aadhaar Number https://resident.uidai.gov.in/bankmapper,

Aadhaar bank linking status There are two major ways are available to link an adhar card to bank accounts such as the online and o􀄈ine method. The process of linking aadhar card to a bank account through online is the easier. Apart from that, link the accounts via the net banking portal of the speci􀄄c bank. If you like to get a lot of bene􀄄ts of linking aadhar card to a bank account, you just make simple process. These processes will be easier for you and easy to understand everyone can do it easily. If you like to save your money when you linking the aadhaar card to the account, you want to utilize the online process. This whole information will be useful for all adhar card holders. how to check aadhar card link with the bank through mobile? *99*99# aadhar status: 􀄄rst of all mobile number should be seeded to aadhaar and same with the bank account. then Aadhar link status by Mobile number works by dialing *99*99# Aadhaar Link with PAN Last date Link aadhar Number with pan the last date is 31st August 2017. also, check aadhar pan link list status @ IT Portal India. Details Required to link aadhaar with PAN 1. AAdhaar Number 2. PAN Number 3. Name As On AAdhaar card 4. Date Of Birth or Age. It’s done withing minutes. link your pan card with aadhaar to avoid deactivation by IT department.

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seoservice74 · 3 years

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Everything You Need to Know About the EPF

If you're new to the workforce, there's a chance you don't yet know what the Employee Provident Fund (EPF) account is and what it means for your finances. Let's go and learn more about the leading retirement account in Malaysia!

What is the EPF?

You probably already know this, but in case you didn't know, EPF is essentially a retirement savings account for private, public sector employees, and not pensionable. EPF members are made up of these employees and those who voluntarily choose to contribute as well.

The EPF agency collects contributions from employers at a rate of 13% for employees who receive salaries of RM5,000 per month or less (and 12% for those who earn more than RM5,000 per month). Employees also have the option of contributing 8% or 11% of their monthly salary. Contributions and dividends will be divided into two accounts; 70% goes to Account 1 and 30% to Account 2.

These contributions are mandatory for all employers and employees; it is also an avenue for employers to provide structured benefits and fulfill a moral obligation to their employees.

Registration is automatic when the EPF rate receives the first contribution in your name (based on your identification card details) from your employer. You can also register by mail or at the EPF counter using the KWSP 3 form.

What you need to do after having an EPF number is to register for an online account with EPF (i-Akaun). With an online account, you can save yourself the hassle of making the trip to the EPF office for withdrawal requests, obtaining your EPF statements for the current and last year, as well as updating the details of your correspondence and nominations. All of these account activities are available to perform online through i-Akaun.

Signing up for the account online is simple; all you need to do is obtain the activation code from an EPF kiosk or counter and proceed to the login page on the EPF website to complete your registration, and voila, you will have your own i-Akaun!

EPF Benefits You Should Know About

In addition to the account being a retirement savings vehicle, you are also entitled to certain additional benefits. Here are four important ones, some of which you may not be aware of:

-Dividend Earnings: The EPF 2021 guarantees minimum annual dividend earnings of 2.5%, although the average is 5% to 6% over the last 10 years. At this rate, your savings are protected from inflation and accumulate quite healthily over the long term.

-Death Benefit: The members of the EPF's closest relatives or dependents can receive a death benefit of RM 2,500 if the members have not reached the age of 55 (subject to consideration and other conditions by EPF calculator).

-Disability Benefit: RM5,000 will be provided to eligible members who request disability retirement and are not fit for work (subject to consideration and other conditions by EPF).

-Tax exemptions: Your contributions are tax deductible up to a maximum of RM6,000 per year, which includes your life insurance premium. Additionally, dividend earnings from EPF investments are also tax-free.

Can you make withdrawals?

You can make withdrawals, but only for specific purposes outlined by the agency. For example, you can withdraw a portion to do Hajj, invest in unit trusts, pay for your education, pay off your home loan, finance your medical expenses, or buy property or build a house.

Between the ages of 50 and 54, you can withdraw some or all of the funds from Account 2. You can also fully withdraw your account if you plan to leave the country or when you turn 55.

Make voluntary contributions

If you are unemployed, you can still withdraw with EPF contribution rate account and enjoy the benefits (subject to terms and conditions). Those who are self-employed, domestic servants, retired workers, or "persons not defined as employees in the 1991 EPF Act" can register for self-employment contributions. You can contribute from RM50 per month up to a maximum of RM60,000 per year.

Still, are EPF contributions the best way to save for retirement? Well, we lean towards the affirmative. For one thing, whether you're employed or not, everyone needs retirement savings, and with the guaranteed returns from the EPF, you'll always have something to turn to.

Also, since your contributions are tax deductible, you can reduce the amount of tax you pay each year.

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meridianenterprisesworld · 4 years

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Manpower Provider In India

Meridian Enterprises are served several organizations by providing them a Reliable temporary staffing solution in Delhi NCR. Temporary staffing is also helpful for every organization/corporate because to cut off their additional liabilities. Temporary staffing allows an opportunity to judge the employee before permanent employment. So Meridian Enterprises are quick to realize the client’s need and offer a reliable and qualified contractual staffing solution.

We are one of the pre-eminent recruiting agencies delivering viable customized temporary staffing solutions. Meridian Enterprises in Delhi is a name you can trust upon for easing your workload needs in a matter of days. Temporary staffing has become inevitable in the growth process of a firm in today’s time. Meridian Enterprises has become a nationwide name in management solutions. I think you all know it’s very hard to find temporary staff in Delhi NCR Region but we provide reliable solutions for the same.

We recruit the professional for your needs who stay on our rolls. there are lots of laws that organizations have to comply with India – minimum wages, gratuity, ESI, PF, etc. Meridian Enterprises takes over the burden of all administrative tasks by acting as the central point for all temporary staffing requirements including labor law compliance and other legal issues. We have a team of legal eagles and compliance officers to ensure that your business will be in 100% compliance with all the statutory regulations in the market.

There is a lot of consultancy in India but we are different from everyone because we work on customers’ needs. our approach is totally different thats why people like us and we are such big consultancy in India. We are complete staffing solution provider under one roof.

Temporary employees who will work on our rolls

Standard contractual procedures that we will handle

Payroll and personnel administration

Statutory compliance, remittance of statutory payments, and other related administration

Employee registration under ESIC & EPF schemes

Work Ethics

Attendance cycle

Salary Disbursement

Medi claim-Rs 50,000/- Per Annum

Filling of ESIC & PF forms

Joining reports

HR Policies

Leave Policies

Exit policies

Applicant Profil form

Salary account in Banks

#Manpower providers in india #Manpower providers in gurgaon #Manpower providers in delhi #Best Manpower providers in india

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jaysontaylor7619 · 4 years

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What is EPF?

The EPF is an avenue for saving and was introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. The EPF is managed by a Central Board of Trustees which consists of a representative from the Government, the employers, and the employees. This board of trustees is helped in its work by the Employees Provident Fund Organization (EPFO) which works under the jurisdiction of the Ministry of Labor and Employment. The main objective of the EPF or the Employee Provident Fund is to create a corpus that will be helpful after the retirement of your employees.

EPF is known to enjoy EEE status. EEE status is commonly referred to as exempt-exempt-exempt status of EPF. The contributions made by employees are tax-deductible under Section 80C, the interest that they earn via EPF is also interest-free. And lastly, the maturity benefits of EPF is also tax free. EPF is responsible for promoting savings among salaried individuals. The funds deposited into EPF are contributed by both the employer and the employees regularly. These funds can be used in case of the employees being unable to work or after their retirement.

The Employee Provident Fund (EPF) schemes are administered by mainly three Acts i.e.

Employees’ Provident Fund Scheme, 1952

Employees’ Pension Scheme, 1995

Employees’ Deposit Linked Insurance Scheme, 1976

The Employee Provident Fund is an ideal savings tool by which employees can save a considerable amount from their salary every month. This amount would be of great help to the employees in the future either after retirement or due to being unable to work.

Benefits of Employee Provident Fund

Some of the major benefits and advantages of the Employee Provident fund can be mentioned below.

Under Section 80C of the Income Tax Act, 1961 the contributors to the EPF can avail of the benefits of tax deductions.

According to Section 10(11) and Section 10(12) of the Income Tax Act, 1961 the contribution which has been made by the employer is also eligible for tax exemption.

There is no tax levied on the maturity amount.

The interest which is earned on the savings of EPF is also exempted from Income Tax. EPF also helps its contributors with loans whenever the necessity arises.

EPF Eligibility Criteria

The basic eligibility criteria to become a member of an EPF are mentioned below.

In general, the employees of an organization are directly eligible for obtaining the benefits of Provident Fund, Insurance, and Pension schemes as soon as they join the organization.

As an employer, you must open an EPF account for employees if their basic salary and dearness allowance amounts to less than Rs. 15,000.

For employees who receive a basic salary plus the dearness allowance more than Rs. 15,000, they can also become a member of the EPF. They can do so by getting consent from you and the Assistant Commissioner of PF.

Those organizations which have employee strength of 20 or more than 20 employees are mandated for registration under the EPF scheme. However, those organizations which have employees less than 20 can voluntarily register under the EPF.

The EPF scheme is not applicable for people who are residing in Jammu and Kashmir.

Contributions of employees and employers towards EPF

An employer and employee both make EPF contributions in the form of a particular part of the salary. This contribution is done every month and the contribution rate depends on the basic salary and the dearness allowance of an employee.

We can state the rate of EPF contribution by both employers and employees in the below-mentioned table.

Must know features about EPF Contributions

1. Rate of Contribution:

a) Generally, the rate of contribution by employees is fixed at 12% but for some exceptional cases, the rate of contribution is 10% like: i. Those organizations which have employee strength of a maximum of 19 persons have a contribution rate of 10% ii. Those organizations which have an annual loss which is much more as compared to that of the net value of the organization has a contribution rate of 10% iii. Industries such as coir, guar, beedi, brick, gum, jute, etc. have been allowed for an employee contribution of 10% towards the EPF iv. Some industries which have been declared as sick industries by the BIFR have their rate of employee contribution towards EPF as 10% v. Certain organizations operate under a wage limit of Rs. 6500 and the employees of these organizations can contribute 10% of their salary towards EPF.

b) As said earlier, employers will contribute 12% of the salary into EPF i.e. 12% of Rs. 15,000 which is Rs. 1800. So, both employers and employees will contribute Rs. 1800 in a month towards EPF.

2. Contribution distributiona) For the Employee

The total percentage of salary which is contributed by the employee goes completely into the employee’s provident fund.

b) For the Employer

The 12% contribution which is being made by the employer includes a contribution of 3.67% towards EPF (Employee Provident Fund) and 8.33% towards the EPS (Employee Pension Scheme).

3. Total Employer Contribution

Some contributions are made towards the administration cost to the EDLI and the EPF at the rate of 1.1% and 0.01%. These contributions are also made by the employer. So, the employer contributes to a total of 13.61% of the salary towards the EPF scheme.

We can illustrate the entire procedure of EPF contribution by both employer and employee by an example.

For example, the monthly salary of Mr. Kumar is Rs. 40,000 in a month. Then, the contributions which are made into the EPF can be summarized as below.

1.Contribution by employee=12% of Rs. 40,000=Rs. 4,800 2.Contribution made by employer towards EPF=3.67% of Rs. 40,000=Rs. 1,468 3.Contribution made by employer towards EPS=8.33% of Rs. 40,000=Rs. 3,332 4.Total contribution=Rs. 9600

Hence, a contribution of Rs. 9600 is made from the salary of Mr. Kumar towards EPF.

EPF Applicability

As an employer, you would have to contribute to EPF on the Basic salary along with the DA component. An organization much match the contribution of an employee and an extra 1% contribution towards EDLI (0.5%) and EPF plus EDLI administrative charges (0.5%). Your contribution towards EPF changes slightly depending on the number of employees that you have.

More than 20 employees The employee’s share in such conditions is 12% and as an employer, you must contribute 3.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

Less than 20 employees

The employee’s share in such cases is 10% and as an employer, you must contribute 1.67% as EPF, 8.33% as EPS, 0.5% as EDLI and 0.5% as EPF+EDLI administrative charges.

How to disburse EPF online?

The procedure involved in the disbursal of the Employee Provident Fund payment by online means consists of the below-mentioned steps.

Employees can file for a pay EPF online claim by visiting the EPFO portal. For a pay EPF online claim, employee’s UAN (Universal Account Number) must be activated. Also, their bank details and the KYC details must be present in the EPFO portal.

It is your responsibility to provide employees with UAN and mention the same in the salary slip. If employees have not received their UAN, they can obtain it from the EPFO portal itself. They can select the tab Know your UAN status. Then they will have to fill in their details and a PIN obtained by employees on their phone number. With this, they can easily obtain their UAN. Even after they have received their UAN, the UAN needs to be activated.

For making their UAN active, employees must visit the ‘For Employees’ in the EPFO portal. Next, they will have to select the option ‘Our Services’ and under ‘Our Services’ and they will have the option of ‘Member UAN/Online Services’. Then, they will be directed towards the UAN portal where they will have to select ‘Activate your UAN’ option. Employees will obtain a PIN on their mobile number and they can use that PIN for the final step. With this, their UAN would be activated and they can apply for the disbursal of EPF online.

The steps that are involved in filing an online claim for the withdrawal of the EPF online are listed below.

First, your employees would have to log in to the EPFO portal with the help of their activated UAN and password.

In the next step, they will have to select the ‘Manage’ tab and verify the KYC details.

Now, they can visit the tab titled ‘Our Services’ and then select the option ‘Claim’.

Then, they will be directed to a section which is titled as ‘I want to apply for’ and choose their required type of approval i.e. full or partial or pension withdrawal.

After the selection of the type of withdrawal, your PF disbursal request will be forwarded to you for approval.

After your approval, employees will obtain their money within 10 days of raising the claim.

EPF withdrawal rules

Your employees can choose to withdraw their EPF contributions under certain conditions while adhering to some rules. Here are some of them.

1. Home Loan

Employees can choose to withdraw up to 90% of their contributions to pay off home loans. They must complete at least three years of service to avail the same.

2. Unemployment

If an employee remains unemployed for more than a month, they can withdraw up to 75% of their EPF.

3. Wedding

Employees can withdraw up to 50% of their EPF funds for their marriage, provided they have completed 7 years of service.

The current rules allow employees to withdraw their EPF if they do not have a job after two months of the completion of the previous job. And to avail of this benefit, the subscriber must have worked for at least 10 years.

A recent modification of the rules offers more flexibility for employees. Employees can now withdraw up to 75% of their EPF fund value if they do not have a job for more than a month. This change was introduced to help employees take care of their financial needs at such times.

You may also read: Employee loans – The complete guide

Interest rates on EPF

The interest rate on EPF for the financial year 2018-19 is 8.65%. It has been raised from 8.55% which was the interest rate in the year 2017-18. The fund which is accumulated in the Provident Fund Account is capable of attracting some interest which is completely exempted from tax.

The entire interest which is earned is transferred to EPF Account of employees and this is calculated based on the rate of interest that has been determined by the Government of India along with the Central Board of Trustees.

Let us understand some important aspects related to the interest rate on EPF.

The rate of interest i.e. 8.65 is valid for those EPF deposits which are being made in the financial year of April 2018 to March 2019.

The interest is transferred to the employee’s EPF account once in a year i.e. on 31st March of the current financial year.

For further calculation of interest, the interest which has been transferred to the employee’s EPF Account is summed up with the next month’s balance i.e. the balance of April.

For the inoperative accounts of non-retired employees, interest is offered.

For the inoperative accounts of retired employees, interest is not being offered.

The inoperative accounts earn interest and this interest is taxable under the current income tax slab.

When you contribute to the Employee Pension Scheme (EPS), employees will not be obtaining any interest. But they are eligible to obtain a pension of that specified amount after the age of 58 years.

For EPF, the interest is calculated monthly whereas the interest rate is announced every year. The interest rate can be calculated by division of the interest rate in a year by 12. By this, the interest amount which has to be given to you in a month is derived.

Understand with an example:

Let us consider an example to illustrate the entire concept of interest rates on the Employee Provident Fund. For example, an employee has started making their contribution to EPF by November 2018. Now, let us note down some of the important points related to the interest on EPF.

The interest rate which applies to the EPF is 8.65%

Now, the monthly rate of interest can be calculated as 8.65/12=0.7208%

Every month, they are transferring 12% of Rs. 15000= Rs. 1800 towards the Employee Provident Fund Account.

This amount of Rs. 1800 will be transferred into their Employee Provident Fund Account at the end of every month.

#Financial Wellness Platform #Employees Financial Wellness #Financial Stress #Employee Retention Guide #Financial Planning Guide #Financial Wellness Guide

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fernandesamelia63-blog · 4 years